Property Description
Offering Memorandum – Click Here for Access https://creop.com/listing/51788/
Investment Overview
The St. Johns SFR Portfolio presents the opportunity to acquire a stabilized, fee-simple portfolio of 60 single-family rental homes across 60 parcels in North and Northwest Jacksonville. The offering is priced at $8,250,000, or $137,500 per home and $111.85 per adjusted building SF, encompassing 73,757 SF of improvements on approximately 8.79 acres of combined land area. The portfolio has benefited from approximately $3.57 million of capital investment, or roughly $59,489 per home, with an average renovation year of 2021. Further supporting long term operations, 58 of the 60 residences are connected to sewer.
The portfolio offers a renter-oriented mix of family-sized homes: 2 two-bedroom/one-bath, 11 three-bedroom/one-bath, 30 three-bedroom/two-bath, and 17 four-bedroom/two-bath residences. Accordingly, 58 homes, or 97%, offer three or more bedrooms, while 47 homes, or 78%, are three-bedroom/two-bath or four bedroom/two-bath layouts. Unit sizes range from approximately 849 SF to 1,915 SF, providing residents with a meaningful single-family alternative to conventional apartment product. At 95% occupancy, the current rent roll generates $85,734 per month of in-place rent, or approximately $1.03 million annually in gross scheduled rent, creating diversified income across 60 separate homes.
The offering delivers $996,547 of effective gross income and $590,244 of current NOI, equating to a 7.15% current cap rate at the asking price. Under the quoted financing scenario of 65% LTV, $5.36 million of full-term interest-only debt at 6.95%, subject to lender underwriting, the model produces $217,550 of current annual cash flow, a 7.53% cash-on-cash return, and 1.58x debt coverage. The portfolio offers a defined path to stronger performance: pro forma gross scheduled rent increases by approximately $43,656 annually, while pro forma NOI rises by $83,284 to $673,528. This supports an 8.16% pro forma cap rate, 10.42% cash-oncash return, and 1.81x debt coverage.
The long-term cash-flow profile further reinforces the investment case. Assuming the underwriting’s 3% annual gross-scheduled-rent growth and stated expense assumptions, NOI is projected to reach approximately $750,117 in Year 5 and $894,686 in Year 10. Modeled cashon-cash returns increase to 13.07% in Year 5 and 18.08% in Year 10, while debt coverage expands to 2.01x and 2.40x, respectively. The portfolio is supported by a large workforce-housing demand base: the three-mile area contains 82,041 residents and is projected to grow to 85,852 by 2031, while the five-mile area contains 211,488 residents and is projected to reach 218,158.
The properties benefit from proximity to Downtown Jacksonville, Springfield, major transportation corridors, and ongoing urban-core reinvestment initiatives across the Durkeeville, McCoys Creek, Historic Eastside, and KingSoutel areas. Three-mile median and average household incomes of $47,145 and $66,565, respectively, align with the portfolio’s attainable rental positioning. Jacksonville’s diversified employment base, which includes healthcare, logistics, finance, defense, government, and professional services, reinforces the long-term demand outlook for centrally located workforce housing in established North and Northwest Jacksonville neighborhoods.
The disposition sensitivity analysis demonstrates potential returns across a range of exit-cap-rate outcomes. At the base-case 7.15% exit cap rate, the model projects a Year 5 sale price of $10.49 million, approximately $174,852 per home and $142/SF, with $5.13 million of proceeds after loan payoff and a 20.69% levered IRR. At a more conservative 8.15% exit cap rate, the five-year model still projects a $9.20 million sale price and 15.38% levered IRR; at a 6.15% exit cap rate, projected value increases to $12.20 million with a 26.47% levered IRR. Over a 10-year hold at the base 7.15% exit cap rate, the analysis projects a $12.51 million sale price, $7.15 million of proceeds after loan payoff, and an 18.24% levered IRR.
The St. Johns SFR Portfolio is located across several established North and Northwest Jacksonville neighborhoods benefiting from renewed public and private attention to housing, infrastructure, commercial corridors, and urban-core connectivity. Nearby initiatives—including the Durkeeville Revitalization Strategy, McCoys Creek restoration and Emerald Trail, Historic Eastside Main Street program, and KingSoutel Crossing CRA—are advancing neighborhood stabilization and long-term reinvestment. While revitalization is at varying stages across the portfolio’s submarkets, these efforts enhance the area’s accessibility, quality of life, and long-term housing-demand outlook.
With a recently renovated, predominantly three- and four-bedroom home base, diversified income from 60 residences, an in-place 7.15% cap rate, a modeled path to an 8.16% pro forma cap rate, and quoted interest-only financing that supports immediate positive leverage, the St. Johns SFR Portfolio offers a scalable Jacksonville workforce-housing investment with durable current income, visible operational upside, and compelling modeled exit potential. All financial projections, debt terms, and disposition outcomes are subject to purchaser due diligence and are not guarantees of future performance.
Location Overview
Florida is the nation’s third-most populous state and continues to rank among the country’s most compelling markets for population growth, business formation, and employment expansion. The state had approximately 23.38 million residents in 2025 and, according to the University of Florida Bureau of Economic and Business Research and the Florida Demographic Estimating Conference’s medium projections, is expected to exceed 26.07 million residents by 2035. This projected increase of approximately 2.70 million residents over the next decade reinforces Florida’s long-term position as a destination for households and employers drawn by its pro-business environment, absence of a state personal income tax, favorable climate, and broad-based economy.
Duval County, which includes the consolidated City of Jacksonville, is the economic and population center of Northeast Florida. The county had an estimated population of approximately 1.079 million residents in 2025, while the City of Jacksonville accounted for roughly 1.033 million residents. Duval County is projected to grow to nearly 1.198 million residents by 2035, adding approximately 118,700 residents over the next decade. This anticipated growth supports a durable housing-demand backdrop across Jacksonville, particularly within established and accessible neighborhoods that serve the region’s diverse workforce.
Jacksonville is the largest city by land area in the contiguous United States and offers residents access to a diversified regional economy, extensive transportation infrastructure, and a comparatively attainable cost of living relative to many major Florida metros. The subject properties are positioned within Jacksonville’s north and west urban neighborhoods, where residents benefit from access to major arterial routes and the I-95, I-10, I-295, and U.S. 1 corridors. This connectivity places the portfolio within reach of the city’s principal employment centers, retail destinations, healthcare systems, and public amenities.
Downtown Jacksonville is generally within an approximately 10- to 20-minute drive of the portfolio area, depending on the specific property and traffic conditions. Downtown serves as the city’s civic, financial, and cultural center, with employment, government offices, healthcare facilities, restaurants, entertainment, and riverfront amenities concentrated along the St. Johns River. Major area points of interest include EverBank Stadium, VyStar Veterans Memorial Arena, the Prime F. Osborn III Convention Center, the Jacksonville riverfront, and the nearby Riverside, Brooklyn, and San Marco districts.
Jacksonville’s economy is supported by a broad mix of healthcare, finance, transportation, logistics, defense, government, and professional-services employment. Major employers and institutions include Baptist Health, Mayo Clinic, UF Health Jacksonville, Jacksonville Naval Air Station, Naval Station Mayport, CSX, Fidelity National Financial, Deutsche Bank, JEA, and the City of Jacksonville. The market also benefits from JAXPORT, Jacksonville International Airport, rail infrastructure, and direct interstate access, which collectively reinforce Jacksonville’s role as a major Southeast logistics hub. The portfolio’s central location, access to employment and transportation corridors, and position within a growing Duval County population base provide a compelling foundation for continued workforce-housing demand.